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Posted Tue, 02 Apr 2024 15:18:46 GMT by Polklopa
I'm a UK citizen/resident/taxpayer. My parents are Russian citizens who are planning to sell some property in Russia and gift me a part of the proceeds ( <=£100,000). Given the current financial sanctions imposed by the UK, are they allowed to do it? What will be the taxes and implications for me? Thank you in advance for any clarification or an advice where could i obtain such clarifications.
Posted Tue, 09 Apr 2024 13:45:43 GMT by HMRC Admin 5

We cannot advise whether there are any sanctions in place, as this is not a peresonal tax matter.  
There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here (Tax on savings interest and Tax on dividends).

Thank you

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